CARVEL: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
CARVEL
Largest movements
- Tangible fixed assets -€341,919
down €341,919 (-24.9%), from €1.4m to €1.0m
of which Land and buildings: -€321,978
- Cash +€54,581
up €54,581 (+784.2%), from €6,961 to €61,542
mainly Investment in fixed assets (net) (+€274,343) and Depreciation (+€67,909)
- Receivables within one year +€16,129
up €16,129 (+70.8%), from €22,772 to €38,901
of which Trade receivables: +€16,150
- Profit (loss) carried forward +€196,125
up €196,125 (+93.2%), from -€210,415 to -€14,290
- Debts after one year -€187,328
down €187,328 (-50.5%), from €371,112 to €183,784
of which Financial debts: -€187,898
- Reserves -€156,733
down €156,733 (-26.8%), from €585,548 to €428,816
of which Tax-exempt reserves: -€156,733
- Provisions -€65,836
down €65,836 (-31.8%), from €207,312 to €141,476
- Other debts -€45,381
down €45,381 (-24.5%), from €184,854 to €139,473
- Taxes +€57,619
up €57,619 (+449.6%), from €12,816 to €70,435
- Staff costs -€20,313
down €20,313 (-94.1%), from €21,587 to €1,273
- Depreciation -€12,950
down €12,950 (-16.0%), from €80,860 to €67,909
- Gross operating margin +€10,742
up €10,742 (+7.1%), from €151,316 to €162,058
- Other operating charges +€2,431
up €2,431 (+9.1%), from €26,600 to €29,032
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,443,608 | €1,172,693 | -€270,915 | -18.8% |
| Fixed assets | 21/28 | €1,375,750 | €1,033,497 | -€342,253 | -24.9% |
| Intangible fixed assets | 21 | €821 | €487 | -€333 | -40.6% |
| Tangible fixed assets | 22/27 | €1,374,929 | €1,033,010 | -€341,919 | -24.9% |
| Land and buildings | 22 | €1,344,057 | €1,022,079 | -€321,978 | -24.0% |
| Plant, machinery and equipment | 23 | €2,327 | €2,135 | -€192 | -8.2% |
| Furniture and vehicles | 24 | €28,545 | €8,796 | -€19,749 | -69.2% |
| Current assets | 29/58 | €67,859 | €139,196 | +€71,338 | +105.1% |
| Amounts receivable within one year | 40/41 | €22,772 | €38,901 | +€16,129 | +70.8% |
| Trade receivables | 40 | €22,733 | €38,883 | +€16,150 | +71.0% |
| Other amounts receivable | 41 | €39 | €18 | -€21 | -53.4% |
| Current investments | 50/53 | €24,212 | €24,212 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €6,961 | €61,542 | +€54,581 | +784.2% |
| Deferred charges and accrued income | 490/1 | €13,914 | €14,541 | +€627 | +4.5% |
| Total equity and liabilities | 10/49 | €1,443,608 | €1,172,693 | -€270,915 | -18.8% |
| Equity | 10/15 | €617,633 | €657,025 | +€39,392 | +6.4% |
| Contributions | 10/11 | €242,500 | €242,500 | = | 0.0% |
| Capital | 10 | €242,500 | €242,500 | = | 0.0% |
| Issued capital | 100 | €242,500 | €242,500 | = | 0.0% |
| Reserves | 13 | €585,548 | €428,816 | -€156,733 | -26.8% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Legal reserve | 130 | €2,479 | €2,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €583,070 | €426,337 | -€156,733 | -26.9% |
| Profit (loss) carried forward | 14 | -€210,415 | -€14,290 | +€196,125 | +93.2% |
| Provisions and deferred taxes | 16 | €207,312 | €141,476 | -€65,836 | -31.8% |
| Deferred taxes | 168 | €207,312 | €141,476 | -€65,836 | -31.8% |
| Amounts payable | 17/49 | €618,663 | €374,192 | -€244,472 | -39.5% |
| Amounts payable after more than one year | 17 | €371,112 | €183,784 | -€187,328 | -50.5% |
| Financial debts | 170/4 | €361,753 | €173,855 | -€187,898 | -51.9% |
| Other amounts payable | 178/9 | €9,359 | €9,929 | +€570 | +6.1% |
| Amounts payable within one year | 42/48 | €242,610 | €186,084 | -€56,525 | -23.3% |
| Current portion of amounts payable after more than one year | 42 | €24,339 | €14,160 | -€10,179 | -41.8% |
| Financial debts | 43 | €9,454 | €0 | -€9,454 | -100.0% |
| Credit institutions | 430/8 | €9,454 | €0 | -€9,454 | -100.0% |
| Trade debts | 44 | €5,616 | €6,660 | +€1,043 | +18.6% |
| Suppliers | 440/4 | €5,616 | €6,660 | +€1,043 | +18.6% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €18,347 | €25,792 | +€7,445 | +40.6% |
| Taxes | 450/3 | €16,808 | €25,792 | +€8,984 | +53.4% |
| Remuneration and social security | 454/9 | €1,539 | €0 | -€1,539 | -100.0% |
| Other amounts payable | 47/48 | €184,854 | €139,473 | -€45,381 | -24.5% |
| Accrued charges and deferred income | 492/3 | €4,942 | €4,324 | -€618 | -12.5% |
| Remuneration, social security and pensions | 62 | €21,587 | €1,273 | -€20,313 | -94.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,860 | €67,909 | -€12,950 | -16.0% |
| Other operating charges | 640/8 | €26,600 | €29,032 | +€2,431 | +9.1% |
| Non-recurring operating charges | 66A | €1,945 | - | -€1,945 | |
| Gross operating margin | 9900 | €151,316 | €162,058 | +€10,742 | +7.1% |
| Operating profit (loss) | 9901 | €20,324 | €63,843 | +€43,519 | +214.1% |
| Financial income | 75/76B | €111 | €13 | -€98 | -88.0% |
| Recurring financial income | 75 | €111 | €13 | -€98 | -88.0% |
| Financial charges | 65/66B | €20,255 | €19,865 | -€390 | -1.9% |
| Recurring financial charges | 65 | €20,255 | €19,865 | -€390 | -1.9% |
| Profit (loss) for the period before taxes | 9903 | €181 | €43,992 | +€43,811 | +24209.0% |
| Transfer from deferred taxes | 780 | €8,205 | €65,836 | +€57,631 | +702.4% |
| Income taxes | 67/77 | €12,816 | €70,435 | +€57,619 | +449.6% |
| Profit (loss) for the period | 9904 | -€4,430 | €39,392 | +€43,823 | |
| Transfer from tax-exempt reserves | 789 | €28,761 | €156,733 | +€127,972 | +444.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,331 | €196,125 | +€171,794 | +706.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.